Limited but Tempting Home Choices
A snapshot of the real estate market in Sioux Falls reveals that it currently has just 67 foreclosure listings and properties earmarked for same in the imminent future. These bear the median listed price of just $125,594. There are also 366 other MLS and FSBO homes on sale at the median asking price of $159,900. Thus, it is clear that the foreclosed homes are being offered at a discount of about 25 percent over the other homes at market prices.
Sioux Falls is the county seat of Minnehaha County and the largest city in the US state of South Dakota. Parts of Sioux Falls extend into the adjacent Lincoln County as well. The city forms the nucleus of the Sioux Falls MSA {metropolitan statistical area}. Sioux Falls is also the hub of the Sioux Falls-Sioux City DMA {designated market area}, a vast market region that sprawls over four different states.
Minnehaha County derives its name from the Sioux Indian term for waterfalls, meaning where the water laughs or “laughing water”. Counties that adjoin Minnehaha County include Moody County, Lake County, Rock County, McCook County, Lyon County, Turner County and Lincoln County.
The sundry suburban cities and towns of Sioux Falls may be said to include Baltic, Crooks, Brandon, Dell Rapids, Colton, Humboldt, Garretson, Sherman, Hartford and Valley Springs. Other communities lying in proximity to Sioux Falls are Benclarem, Rowena, Booge, Renner, Corson, Midway, Lyons and Ellis.
The Sioux Falls MSA covers the four counties of Minnehaha, Turner, Lincoln and McCook. A few other settlements within the MSA may be mentioned as Beresford, Ellis, Moe, Lyons, Montrose, Lennox, Garretson, Tea, Parker, Salem, Worthing, Harrisburg, Marion, Booge, Bridgewater, Centerville, Davis, Hurley, Irene, Monroe, Spencer, Sherman, Fairview and Dolton.
Agents: Lifeblood of Property Auctions
The Sioux Falls real estate market would witness far fewer transactions, were it not for the vital role played by its property brokers. The real estate agents apprise buyers of the best home and mortgage options available to them. By guiding first-time buyers through the maze of auction procedures, they lead to more sale transactions getting hammered out. The agents receive their seven percent brokerage from the sellers.
Sioux Falls has scores of property brokers actively enabling property deals in the city. Ray Schut, Dick Hahn, Paul Stenholtz and Darrell Seeman have distinguished themselves as the more knowledgeable, successful and influential agents among others. You ought to invest in the Sioux Falls foreclosure auctions only after proper planning and on the recommendation of an expert property broker. Before you hire an agent, you should make sure he has the requisite certification and designation from the state’s real estate department.
A competent agent is one who knows the local terrain well and keeps equally abreast with the macro economic developments and trends that might impact the housing sector in any manner. The ongoing recessionary times make market analysis and prediction difficult even for seasoned speculators. Hence, you ought to study the pros and cons of your diverse decisions pertaining to the mortgage loan you select, the homes you choose to bid for and the maximum bid price that you finalize before you actually invest your money in the Sioux Falls foreclosure auctions.
